Royal Unibrew A/S announced the closing of the acquisition of Vrumona, the second largest soft drink company in the Netherlands, from Heineken. Vrumona is located near Utrecht and employs more than 300 people. The company has a strong portfolio of own brands and partner brands supporting the health and sustainability agenda.

Lars Jensen, CEO of Royal Unibrew A/S, states: “I am happy to welcome the dedicated and talented people from Vrumona to the Royal Unibrew family. We are eager to onboard the strong organisation and get started on the exiting journey to establish the company as a multi-beverage platform in Central Europe that will deliver organic earnings growth for years to come.”

As previously announced, Royal Unibrew A/S is acquiring 100 % of Vrumona at an enterprise value of EUR 300 million on a debt free basis. In 2022, Vrumona realised net revenue of EUR 200 million and an EBITDA of around EUR 25 million, resulting in an acquisition multiple (EV/EBITDA) of 12x.

The acquisition is expected to be EPS accretive in 2024, and ROIC on the acquisition is expected to exceed WACC within three years.

Vrumona fits very well into Royal Unibrew A/S’ operating model of strong local businesses with strong local brands with its solid positions in On-Trade and Off-Trade. The company has been a front runner in creating healthy and functional beverages for years for which reason the majority of its business is within the no/low sugar and calories segment. With the acquisition, Royal Unibrew A/S establish a new growth platform and expand its geographical footprint while the company also expand its longstanding relationship with PepsiCo as Vrumona is operating the full beverage portfolio from PepsiCo on a license agreement in a partnership dating back to 1949.

The Vrumona production facility in Bunnik includes seven lines with a current annual output of around 3.1 million hectoliters. The production facility is in a good condition; however, additional long-term investments are needed to improve efficiency as well as to expand capabilities and capacities. It is therefore expected that it will take some years before the platform is able to exploit its full organic growth potential.

Royal Unibrew A/S has today entered into an agreement with Danone to acquire 100 % of Aqua d’Or Mineral Water A/S  – the leading Scandinavian mineral water producer with a strong market presence in Denmark and Sweden. The acquired activities have a strong organization and a modern production facility in Central Jutland, Denmark.

Closing of the transaction is subject to approval from the Danish Competition Authority, which is expected during the first half of 2022.

The acquisition strengthens Royal Unibrew’s market position within water in Denmark, as well as providing access to new sales channels for Royal Unibrew.

Aqua d’Or produces predominantly still and sparkling water and the company’s focus on healthy beverages fits strategically very well with Royal Unibrew’s focus on no/low calorie beverages. Aqua d’Or’s modern production facility in central Jutland, Denmark, provides additional capacity and diversify our production footprint.

Aqua d’Or has around 75 employees and generated revenue of around DKK 180 million in 2020. The company markets its own brands Aqua d’Or, Klar and Denice, as well as supplying private products to selected customers.

CEO Lars Jensen of Royal Unibrew says “I am very pleased to announce that we have entered into an agreement to acquire Aqua d’Or and we look forward to welcoming our new colleagues to Royal Unibrew. Aqua d’Or has built a strong brand in the water category in Denmark, and it fits strategically very well with our own water business in Denmark, as well as with our strategic focus on low/no sugar products”.

The acquisition of Aqua d’Or does not change the full-year EBIT outlook of DKK 1,625-1,700 for 2021.